DTN Early Word Opening Livestock 02/21 06:12
Support Expected Midweek
Follow-through buyer support is expected to slowly but firmly develop across
lean hog futures trade. Initial activity is likely to remain sluggish with
limited volume in all livestock trade through most of the morning.
By Rick Kment
DTN Analyst
Cattle: Steady Futures: $1 Higher Live Equiv $144.84 +2.03*
Hogs: Steady to $1 Lower Futures: $1 Higher Lean Equiv $ 84.80 +1.36**
* based on formula estimating live cattle equivalent of gross packer revenue
** based on formula estimating lean hog equivalent of gross packer revenue
GENERAL COMMENTS:
Light-to-moderate trade activity is expected to redevelop early Wednesday
morning in all live cattle and feeder cattle futures. The mixed moves early in
the week helped to draw some additional follow-through support to nearby
contracts. Deferred contracts have limited market direction and a growing
uncertainty as to just how strong the buyer support will be over the near
future. Some additional longer-term activity is likely, which may help bring
additional support back to the table. Cash cattle trade is undeveloped. This
may improve through the day, but active trade is still expected to be pushed
off until sometime Thursday or Friday.

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